Mexico clarifies its position: It won’t trade bitcoin, ether and ripple 

The Mexican government has just released a statement saying that just like China and the United Kingdom, it is not also inclined in adapting cryptocurrencies for its financial system. 

The Banco de México and the National Banking and Securities Commission have published a document and made it available to the public which clarifies the government’s position on cryptocurrencies. 

The government’s statement was made after Mexican billionaire Ricardo Salinas Pliego dominated both local and global headlines by saying that his bank, the Banco Azteca, would be ready to accept Bitcoin. 

Mexican government, not a crypto fan

Many assumed that with Salinas’ pro-Bitcoin statement, the Mexican government is on the same side which, it turned out, was not. 

The country’s central bank has been implementing measures to drive down the popularity of cryptocurrencies and discourage people from interacting with any crypto-related ventures. 

On top of these things, the Mexican government hasn’t recognized bitcoin as an asset class and instead treats it as an “illegal tender” which is an attempt to counter the cryptocurrency’s popularity in the country. 

Crypto popularity still on the rise

But it appears that even with the government’s efforts to bring down cryptocurrencies’ popularity in the country, Mexican citizens are still unfazed and continue to use crypto-related services. 

In fact, the volume of cross-border transactions using ripple’s on-demand liquidity is high, proving that Mexicans, despite the governments’ efforts to pull them away from cryptos, have realized the big benefits of using them.

But the government has no plans of relaxing its tight crypto rules or would allow its popularity to further rise in the country. In fact, stricter rules are on the way that would certainly provide tougher challenges for cryptocurrency traders. 

 

Image courtesy of Cointelegraph News/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.